Dear user,
The Merge of Ethereum will mark the end of Proof-of-Work (PoW) and the full transition to Proof-of-Stake (PoS) for Ethereum.
The Terminal Total Difficulty (TTD) value triggering The Merge is 58750000000000000000000, expected between Sep 10 to Sep 20, 2022. Factoring in the current hash difficulty, the estimated target date is Sep 15, 2022 (UTC+8).
As this hard fork event may lead to the co-existence of PoS and PoW blockchains, WhaleFin will adopt PoS blockchain in support of the ETH upgrade, as well as support the fork tokens (if any). Since the new tokens generated due to the hard fork will make the market more unpredictable, we will take the following measures to protect our users’ interest:
ETH Deposits and Transfers
- WhaleFin will start the Bellatrix upgrade from 19:00 Sep 6, 2022 (UTC+8),
- WhaleFin will start the Paris upgrade from 12:00 Sep 14, 2022 (UTC+8).
During these upgrades, the deposit and transfer services for ETH and ERC-20 tokens, as well as ERC-721 NFT assets will be temporarily unavailable. These services will resume after the upgrade. Once known, the time of resumption will be announced via the same channels.
Swap, Spot, AIP, Portfolio, and Execution of ETH
- Swap and Spot trading of ETH will not be affected.
- AIP with ETH will not be affected.
- Portfolios with ETH will not be affected.
- Execution trading of ETH will not be affected.
The venue(s) for Execution orders will be subject to availability. Due to the impact of new tokens generated by the hard fork, some venues may adopt certain policies under which transactions might fail or orders might be canceled. Please ensure that you are aware of potential risks or losses and take sufficient measures.
ETH Earn
- The subscription, settlement, and daily interest settlement of ETH Fixed Earn will not be affected.
- The interest settlement of ETH Flexible Earn will not be affected.
ETH Loan
- Settlement of ETH positions will not be affected.
- Settlement of positions using ETH as collateral will not be affected.
Please factor in the possible risks if you use ETH as collateral and make early settlement if necessary, as the ETH price might see bigger fluctuations during The Merge.
ETH Dual Currency and Upside Note
- Subscription and settlement of Dual Currency will not be affected.
- Subscription and settlement of Upside Note will not be affected.
The benchmark price for structured product subscription and settlement is subject to Deribit Index. Please note that during The Merge, the ETH price index will not be adjusted on Deribit.
Purchase of ETH with fiat
- During The Merge, quote and settlement of ETH purchase with fiat via Visa and Mastercard will not be affected.
ETH Staking
- Subscription and interest settlement of ETH Staking will not be affected.
The redemption will only be available for ETH Staking after the Shanghai upgrade as planned by ETH community. It is estimated that following the upgrade, the interest rate for ETH Staking will rise. WhaleFin will continue to offer a competitive interest rate as we always do.
ETH Margin
- ETH Margin trading and settlement will not be affected.
- Users with Margin short ETH positions will be debited an equivalent amount of the forked token from the wallet, which means that you are obligated to settle the negative balance of ETHW. A failure to timely settle negative balances may result in automatic liquidation with WhaleFin‘s rules.
- Users with Margin long ETH positions will be credited an equivalent amount of the forked token to the wallet.
- ETH/USDⓢ, ETH/USDT, and ETH/BTC three pairs will be added cumulatively to calculate the positions.
Please note that liquidation might still be possible amid drastic price fluctuations. We recommend that you should pay attention to market and margin risk ratios during this period.
New tokens by the hard fork event
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- If the new token, currently named as ETHW, is adopted after the ETH upgrade, WhaleFin will distribute it to you at the rate of 1:1 according to your valid ETH balance in the snapshot taken before the upgrade.
- The snapshot is estimated to be taken at 08:30 Sep 15, 2022 (UTC+8) (at ETH mainnet block height of 15,540,293).
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Valid ETH balance = Available Balance + Locked-in Spot + Locked-in Execution + Fixed Earn principal + Locked-in Dual Currency + Locked-in Loan + Margin Positions
- 1) Fixed Earn interest, Locked-in Staking, Withdrawal Locked, or unfilled portion of ETH for fiat are not included in the distribution of valid ETH balance.
- 2) For primary and sub-accounts, the valid ETH balance will be distributed separately.
- Further notice will be announced later on specific distribution time and plan.
- Further notice will be announced later on the deposit, transfer, and trading of the new token according to WhaleFin’s launch plan.
Notes
- The upgrade will take place at ETH mainnet block height of 15,540,293. The estimated time is for reference only.
- WhaleFin reserves the right to update the aforementioned measures at any time without notice.
WhaleFin Support